I am new to forex (stil working through the school of pipsology). My biggest problem is having to find time to learn having a full time job and spending time with family.
If I leave my current employment I would have $30 000 that I can invest in PAMM accounts (diversifying the risk between 8 to 10 fund managers) that would give me the time to study and get better at trading.
I would need about 10% per month on the PAMM accounts to cover my expenses.
I think that is a rather dangerous approach. Do not quit your day-job until you can generate money from trading which exceeds your expenses for at least 36 months (that is my opinion). Plus you should have enough cash to cover at least 12 months for expenses. I know this may sound like a lot, but if you decide to quit your job you should be prepared for what may happen.
I would say if you were earning 10% from a manged account you should keep them!!!
They may be out there but you will have to do your due dilligence.
Best bet is to learn learn learn and if you can find a good mentor but be careful the waters are full of sharks!
btw when I say get a mentor I don’t mean pay for one I mean you should gravitate towards those that are already successful and learn what they are doing. Of course you will make it yours but in the meantime you can get direction from others. This forum has a couple of people I would trust to learn from, just off the top of my head petefader has a great thread centered on price action and vsa. There are others too so just look around.
Final bit of advice would be keep your money in your wallet for now. Whatever you do don’t trade live until you are ready and don’t shell out $1000’s of dollars to and supposed guru that has the holy grail.
Hey PL Burger, please keep your job and your money…Or at least keep the job and learn to trade. Believe me its rough out here and relying on income from trading is dangerous.
10% income is the income from deposit in a bank in CIS countries. Concerning the PAMM, I can only make rhyme SCAMM.
The risk is too high, those who trade others people money can tell you anything to receive your money, because they do not risk anything, YOU are the one who risks.
Not always asset managers do not risk. I know that there are funds where managers invest their own money. And Investors in their turn are able to see the quantity of manager’s shares in a fund. What is left is to find a worthy fund:53:
PAMM accounts that are offered through brokers are safe. If you want to get a steading return on your investments then you can check some good PAMM traders and can deposit money in their PAMM accounts to get some earning while you learn trading.
If you have some spare cash and you are even interested in forex trading but don’t have the skills to profit, you can invest in pamm service that many brokers offer and can get some extra cash from your investment.
I never thought of it that way. I thought its the broker that manages the account. This also means that if I want to invest in a pamm account, I’ll have to choose an account manager right. Do they really offer this type of account? I also read on their main page that they are a group of expert traders.
You have to ensure that the PAMM account has a decent track record, low drawdown and acceptable risk. Its also worthwhile talking to the trader to ensure that they know what they are doing. People rubbish PAMMs, EAs, and other no brainer services but actually many people trade worse themselves.
It is a good idea but when a person enters forex trading then upon very start he does not have much ability to choose a good pamm account manager, but if he does so, then its possible to earn while learning.